Russia expected to invest in India under PLI scheme

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New Delhi: Steel firms from Russia are expected to make investments in India under the production-linked incentive (PLI) scheme for specialty steel, according to an official.

Mukesh Kumar, Director of Steel Research & Technology Mission of India (SRT- MI), said there are some Russian companies interested in setting up businesses in India.

The SRTMI is a collaborative research platform formed jointly by the Steel Ministry and domestic steel players which facilitate research and development (R&D)’ in the iron and steel sector by strengthening association among industry, academia, and research bodies.

Kumar was replying to a question on whether there are potential domestic and international players who could invest in India’s steel sector under the PLI scheme for specialty steel.

We are expecting steel-producing companies that have technologies like NLMK and Severstal of Russia,” he told PTL

Severstal even wanted to set up a steel plant having an annual capacity of three million tonnes in Karnataka with NMDC. The project couldn’t take off due to various reasons, Kumar said.

NLMK is also looking to set an electrical steel plant in Ma- Maharashtra, he said, adding that these e two companies and others can come to invest under the scheme.

He further said that mainly steel producing companies. with in-house technical support can come.

Secondly, videos technology pro can come indirectly joining hands with Indian companies to develop new steel grade products. The electrical industry and auto-makers which require the grades in the scheme may tie-up with steel-makers, asking them to develop products for them.

On July 22 the Union Cabinet chaired by Prime Minister Narendra Modi had approved the Ps 6,322-crore PL scheme to boost production of specialty steel in India, attracting an additional investment of about Rs 40 000 crores and generating fresh 5.25 lakh job opportunities.

The five categories of specialty steel that have been included in the PLI scheme are coated/plated steel products, high-strength/wear-resistant steel, specialty rails alloy steel products, steel pipes and electrical steel industries like automobile electrical, defense, pipes are consumers of these grades of steel, and are importing sane from outside India.

The government aims to say Rs 33,000-crore forex which goes out of India annually in exchange for specialty steel.-